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Possible Bullish Inside Day Candle Pattern Detected for People's United Financial (NASDAQ:PBCT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in People's United Financial (NASDAQ:PBCT) based on the price action in the company's shares. Yesterday's price range of $15.18 and $15.43 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of People's United Financial may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, People's United Financial has traded in a range of $13.62 to $16.95 and closed yesterday at $15.28, 12% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has remained constant.

People's United Financial Inc. is a bank holding company. The Company, through its banking subsidiary, offers a full range of financial services to individual, corporate, and municipal customers primarily in Connecticut. The Bank issues credit cards and provides brokerage and investment planning, asset management, equipment leasing, and insurance services.

People's United Financial (NASDAQ:PBCT) is currently priced 1.0% above its average consensus analyst price target of $15.12. The stock should run into initial resistance at its 200-day moving average (MA) of $15.70 and subsequent resistance at its 50-day MA of $15.72.

SmarTrend is tracking the current trend status for People's United Financial and will alert subscribers who have PBCT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle people's united financial

Ticker(s): PBCT